Homeopathy Market - Snapshot
Global Homeopathy mediucine Market is considered to demonstrate 14.60% CAGR during the forecast period (2017-2023) owing to the increasing need for alternative treatment, asserts Market Research Future (MRFR). Homeopathy is referred to as an alternative field of medicine which has been introduced by Samuel Hahnemann in the year 1796 and is considered one of the most alternative forms of medicine available today. Homeopathy works on the principle of similarity of symptoms which refers to a substance capable of causing an illness is also capable of curing it. Acclaimed and disapproved in equal measure, homeopathy is trusted by most of the users.
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Drivers and Constraints Impacting the Market
The global homeopathy market is considered to expand moderately owing to the augmenting need for alternate treatment methodologies for economical treatment and chronic diseases compare to other treatment protocols. As homeopathy is easy to use,effective&safe, and user friendly for all age groupsrightfrom pediatric to geriatric population, the demand for homeopathy is triggering during the assessment period. The growing prevalence rate of hair & skin ailments is further estimated to foster the market growth during the appraisal period. Homeopathy, according to the WHO, is the fastest-growing and second-most widely-used medicine system in the world. Moreover, with the rising concern of side effects and adverse effects of prolonged usage of allopathic medicines among patients have further resulted in the proliferating demand for homeopathy products across the globe.
On the flip side,lack of funding,misleading claims and false advertisingmade by homeopaths, negative opening and publicity against homeopathy medicine, poor awareness campaign in favor of homeopathy medicine, limited R&D in the field of homeopathy, are some of the major concerns considered to dampen the market growth during the appraisal period.
Global Homeopathy Market: Segmental Analysis
The global homeopathy market has been segmented on the basis of source,application,types, end user, and region.
By mode of type, the global homeopathy market has been segmented into tincture, dilutions, ointments, biochemics,tablets, and others. Among these, the dilutions segment is considered to register a substantially high CAGR during the assessment period as they are convenient to consume.
By mode of application, the global homeopathy market has been segmented intorespiratory, analgesic and antipyretic, immunology, neurology, dermatology, gastroenterology,and others. Among these, the immunology segment is considered to occupy the larger share in the global market.
By mode of source, the global homeopathy market has been segmented intoanimals, plants, and minerals. Among these, the plant segment is considered to account for the major share during the appraisal period.
By mode of end-users, the global homeopathy market has been segmented intohospitals, homeopathic clinic, e-retailer, retailer, research laboratories, and others.
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Regional Insights
Geographically, the homeopathy market spans across regions namely, Europe, Asia Pacific, America, and the Middle East & Africa.
Among all the regions, the European region is considered tooccupy the largest market share in the market owing to therising prevalence of chronic diseases, well developed technology, and increasing support from the government. For instance, as per the OECD, healthcare expenditure in Germany was EUR 321 billion in 2014, followed by France with an expenditure of EUR 237 billion. Healthcare organizations and peoplein this region are adoptingseveral alternative treatmentmethods, which has further propelled the market growth.
America occupies the second largest share due to the presence of patient population, high healthcare expenditure, well-developed technology, and presence of leading market players in this region. Moreover, people are health conscious which results in an increased healthcare expenditure.
The Asia Pacific region is considered the second fastest growing region in the homeopathy market. The growth is attributed to the rising need for better treatment methods, presence of huge patient population, and rapidly improving technology in this region.
On the other hand, the Middle East & African regionoccupy the least share but is presumed to be the fastest growing region due to the presence of slow but steady developing economies.
Industry Updates
January 04, 2019: Crowdfunding campaigns for homeopathic treatment of cancer are overpowering an American phenomenon and is considered to be highly successful, indicates a new study which has been published in the Lancet Oncology.
Competitive Dashboard
The prominent players operating the global homeopathy market are Boiron Group, Hyland, Nelson & Co Ltd, GMP Laboratories,Heel, HomeocanINC, Weleda, and others.
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